If red holds we go up and test levels, if red fails we go down and test levels, red really n e e d s to hold support. If red is broken then its probably going down to pink. Pink is the final support until major trend reversal (rip).
Comment:
actually, if red is lost, then pink is not immediately next, we should get a decent bounce off one of the untested levels between 2612 and 2666. Pink has already been tested, but since its such a big level it should get some sort of bounce, if that bounce is not strong... watch out. In this case I would expect price to drop below pink and then back test pink or a level right below pink test for resistance before a huge dump.